Answered: GIPI collected $36,000 cash in training…

GIPI collected $36,000 cash in training fees on 1/10, of which $34,000 related to January and $2,000 related to February. Record the transaction.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

GIPI collected $36,000 cash in training fees on 1/10, of which $34,000 related to January and $2,000 related to February. Record the transaction.

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Accounting for Cash and cash equivalents

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